Citizens across the Kingdom are eagerly awaiting the specific details and lists of eligible recipients for the fourth installment announced by the Ministry of Housing for April 2018, which included 21,840 housing and financing projects, distributed across all regions of the Kingdom. This is part of the program’s target of 300,000 units for the current year, bringing the total allocated during the first four months to 83,562 housing and financing products, in cooperation and coordination with the Real Estate Development Fund.
7,686 housing units for sale off-plan
During a press conference held today at the Saudi Press Agency’s Media Center in Riyadh, the Ministry provided details on the housing products and their geographic distribution, noting that this batch includes the allocation of 7,686 housing units under construction (off-plan sales), in partnership with real estate developers, distributed as follows: 1,020 in the Makkah region, 2,148 in the Al-Qassim region, 4,170 in Jazan, 160 units in Riyadh, and 188 in the Eastern Province. Meanwhile, the 5,854 plots of free land are distributed across nine regions, including 1,845 plots in Makkah, 1,484 in Najran, 1,015 in Asir, 590 in Jazan, 396 in Al-Jawf, 224 in the Eastern Province, 125 in Riyadh, 95 in Al-Baha, and 80 in Al-Qassim.
Real Estate Development Fund: 8,300 Real Estate Loans
The batch also includes 8,300 real estate loans from the Real Estate Development Fund in partnership with banks and financial institutions, distributed across all regions of the Kingdom, including 2,189 in the Riyadh region, 1,346 in Makkah, 706 in Madinah, 724 in Al-Qassim, 1,014 in the Eastern Province, 610 in Asir, 299 in Tabuk, 308 in Hail, the Northern Border Region with 234, Jazan with 169, Najran with 311, Al-Baha with 162, and Al-Jawf with 228.
The Real Estate Development Fund emphasized that it will provide all necessary facilities to beneficiaries and offer suitable financing solutions to everyone on the Fund’s waiting lists, noting that the recent period saw the announcement of the self-build product and the provision of support to beneficiaries with existing mortgage financing by converting it to subsidized financing.
Assessment of Financing Challenges for Retirees and Employees
During the press conference, Khalid bin Mohammed Al-Amoudi, General Supervisor of the Real Estate Development Fund, referred to an assessment of certain challenges in financing retirees over the past period, and private sector employees. Based on this, appropriate financing solutions were adopted for them, consisting of finding new solutions in partnership with banks and finance companies to access the mortgage loan program by accepting financing for employees of non-accredited entities in the small and medium-sized enterprise sector and entrepreneurs and retirees, with the repayment period extended to age 70, in addition to the launch of “flexible installments,” whereby the monthly installment is adjusted according to the beneficiary’s income so that the deduction does not exceed 65% of monthly income after retirement or in the event the beneficiary has a personal loan, The down payment has also been reduced from 10% to 5% for a first home to alleviate the burden of the down payment required by financing institutions, He emphasized that these services and previous initiatives aim to facilitate matters for citizens benefiting from the Real Estate Development Fund’s services and to serve them in the best possible manner.
Delivery of residential units in completed projects
On the same topic, the CEO of the National Housing Company, Engineer Mohammed bin Saleh Al-Bati, explained and confirmed that the Ministry is currently continuing to deliver residential units in a number of regions across the Kingdom within completed projects, as citizens are currently receiving their housing units in projects in Turaif, Thadig, Al-Mubarraz, Al-Qunfudhah, and Bish. We also aim to continue delivering all projects for which reservations have been completed in the remaining regions in the coming period. He noted that the “Sakani” continues to offer diverse options to beneficiaries through the launch of reservation exhibitions for a number of residential unit projects under construction, with at least five exhibitions for these units being launched monthly, distributed across various regions of the Kingdom.
